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What kind of agreement should be signed between partners in startup
18-Nov-2023 (In Startup Law)
We are a startup where 2 are promoter and 3rd partner is just to provide technology support and won't interfere in business or day to day activity. 3rd partner will be Co-founder with minimum stake, as he is just providing technology support. What kind of paper work we should get into. We are in process of company formation where first two partner are Director and main promoter. Kindly advice.
The information provided is grossly inadequate to comment on the appropriate corporate vehicle for your startup. Detailed information regarding long term objectives like raising capital, degree of compliance involved et al would assist in deciding whether a General Partnership, LLP or Private Limited company is appropriate.
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Adv. Divyang Chandan
Mumbai | 25+ Answers
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Firstly, it is important to understand whether the 3rd partner is actually required as a partner or can be a Technical Head for the concerned project who can be subsequently replaced in case of an issue arising due to a technical default. Accordingly, an agreement can be drafted to provide him a share in the profits at a certain ratio. It is viable to firstly lay out the legality between all 3 partners to avoid future issues arising in the business.
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Adv. Roshni Lachhwani
Mumbai | 100+ Answers
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